What is the future value of $4,160 invested for eight years at 8.5% compounded annually?

A) $6,988.80
B) $7,989.71
C) $8,122.20
D) $8,211.29
E) $8,404.12

Future Value

The value of an investment at a specified date in the future, taking into account factors like interest rates or dividends.

Compounded Annually

The process of adding interest to the initial amount of an investment, where the interest earned each year is added to the principal.

Invested

Invested pertains to the funds that have been allocated into financial instruments, assets, or business ventures with the goal of earning a return.